21 banks have committed to invest approximately 270 million USD in Project Faro

A banking alliance composed of 21 institutions has committed approximately $270 million to the dollar stablecoin project Project Faro. Goldman Sachs, Citigroup, Santander, and Deutsche Bank are reportedly involved, with the project planned to launch in 2027, operated by a U.S. registered issuer.

The fintech company SoFi has expanded its dollar stablecoin SoFiUSD to Polygon, having previously supported Ethereum and Solana. SoFi has also launched a tokenized deposit product SoFi Earn, with an annual yield of 4.4%, which can be converted to SoFiUSD. The federally chartered crypto bank Anchorage Digital's tokens can now settle transactions on the Visa network, with the first project involving Western Union's USDPT.

Mastercard has launched stablecoin-related tools and payment features for AI agents, while Circle plans to pilot USDC settlement through Latin American bank channels from Colombia. The GENIUS Act was signed in 2025 to establish a U.S. regulatory framework for dollar stablecoins. Project Faro currently has no tokens, CEO, or final name; Tether and Circle still hold about 85% of the dollar stablecoin market, which is approximately $290 billion.